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Growth of China concerns professor

An Augusta State University economics professor shared his concerns about China's growing power over the global economy last week.

"We have given them the bullet to shoot us with," Dr. Jonathan E. Leightner said in a a speech Dec. 30 to Thomson's Rotary Club.

The professor detailed two recent trips to China for discussions on emerging economies and related issues. He said China has financed U.S. government deficits for years.

"They now have 3 trillion dollars they could cash in, causing our economy to plummet," he said.

He said that despite being invited to China to participate in the discussions, he was not allowed to present his paper. He said the conference was cut short before he could comment on his or other papers.

He said that China needs to address the dangers that arise from "capitalism unfettered by democracy."

He said that China might be poised to push the yuan to replace the dollar as the benchmark global currency but that it lacks that leverage, for now.

"When they no longer need us, yes, they will dump the dollars and bring us down," he said.

Dr. Leightner was the guest of the Rev. John F. Barnes, of First United Methodist Church.

Web posted on Thursday, January 06, 2011

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